Economic Reports

December 2023 CPI Report | Inflation Bites Deeper

January 16, 2024
Read Time: 1 minute(s)

Inflation Bites Deeper

Yesterday, the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for December 2023. Headline inflation increased by 72bps to 28.92% Year-on-Year (YoY), compared to 28.20% YoY in November 2023. This upswing was fueled by increases in its subcomponents: Food inflation (+109bps to 33.93% YoY) and Core Inflation (+68bps to 23.06% YoY). On a Month-on-Month (MoM) basis, headline inflation rose by 20bps to reach 2.29% MoM (vs 2.09% MoM in November 2023). This rise was also driven by increases in both food inflation (+30bps to 2.72% MoM) and Core inflation (+29bps to 1.82% MoM).

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December 2023 CPI Report | Inflation Bites Deeper

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